Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in The PNC Financial Services Group, Inc $PNC

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 792,902 shares of the financial services provider’s stock after acquiring an additional 35,794 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.20% of The PNC Financial Services Group worth $159,318,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of The PNC Financial Services Group by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock worth $7,174,760,000 after purchasing an additional 521,455 shares during the last quarter. Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 1.1% during the second quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after buying an additional 93,346 shares during the period. Norges Bank acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $1,477,836,000. Invesco Ltd. increased its position in shares of The PNC Financial Services Group by 0.5% during the second quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after acquiring an additional 26,798 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after acquiring an additional 1,917,530 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PNC. Barclays lifted their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Morgan Stanley increased their target price on The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 20th. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Royal Bank Of Canada boosted their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Finally, TD Cowen raised their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $234.44.

Insider Activity

In other news, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This trade represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock valued at $14,840,973 over the last quarter. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC stock opened at $222.82 on Friday. The business’s 50-day moving average is $222.25 and its two-hundred day moving average is $204.19. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $89.88 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.93 and a beta of 0.99. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.77 earnings per share. Analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.